Hey guys how would you do a loan repayment question where they give you an interest free period?
1) NSW Bank offers loans at 9% p.a. with an interest-free period of 3 months, while Sydney Bank offers loans at 7% p.a. Compare these loans on an amount of $5000 over 3 years and state which bank offers the best loan and why.
2) A loan of $6000 over 5 years at 15% p.a. interest, charged monthly, is paid back in 5 annual installments.
a) what is the amount of each installment?
For this question i keep on getting $1245.37. Could someone check it for me?
1) NSW Bank offers loans at 9% p.a. with an interest-free period of 3 months, while Sydney Bank offers loans at 7% p.a. Compare these loans on an amount of $5000 over 3 years and state which bank offers the best loan and why.
2) A loan of $6000 over 5 years at 15% p.a. interest, charged monthly, is paid back in 5 annual installments.
a) what is the amount of each installment?
For this question i keep on getting $1245.37. Could someone check it for me?